Liquidity Services, Inc. (LQDT) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.159 To listen to today's call, please have our press release in front of you, which includes 00:00:05.159 -- 00:00:10.624 our financial results as well as metrics and commentary on the quarter. 00:00:10.687 -- 00:00:16.415 During this call, management will discuss certain non-GAAP financial measures. 00:00:16.415 -- 00:00:19.821 In our press release and filings with the SEC, 00:00:19.821 -- 00:00:25.088 each of which is posted on our website, you will find additional disclosures regarding 00:00:25.088 -- 00:00:30.279 these non-GAAP measures, including the reconciliations of these measures with their 00:00:30.279 -- 00:00:34.303 most comparable GAAP measures as available. 00:00:34.303 -- 00:00:39.848 Management also uses certain supplemental operating data as a measure of certain components 00:00:39.848 -- 00:00:45.995 of operating performance, which we also believe is useful for management and investors. 00:00:45.995 -- 00:00:50.259 This supplemental operating data includes gross merchandise volume and should not be 00:00:50.259 -- 00:00:55.265 considered a substitute for or superior to GAAP results. 00:00:55.265 -- 00:01:00.764 At this time, I will turn the presentation over to our Chairman and CEO, Bill Engert. 00:01:00.764 -- 00:01:05.749 Good morning and welcome to our Q4 earnings call. 00:01:05.749 -- 00:01:08.671 I'll review our Q4 performance 00:01:08.671 -- 00:01:11.334 and the progress of our business segments. 00:01:11.334 -- 00:01:16.939 The next Jorge Salaya will provide more details on the quarter. 00:01:16.939 -- 00:01:23.285 Our outstanding Q4 results reflect the depth, scale, 00:01:23.285 -- 00:01:24.946 and liquidity 00:01:24.946 -- 00:01:29.188 of our proprietary e-commerce marketplaces, 00:01:29.317 -- 00:01:32.721 v...